EU-US Talks: Will It Bring Reduction Of Tariffs?

Forex News

US President Donald Trump will meet European Commission President Jean-Claude Juncker and European Union Trade Commissioner Cecilia Malmström at the White House in Washington today to discuss the future of transatlantic trade in light of the dramatic deterioration in the transatlantic relationship.

Earlier, US imposed a 25% tariff on steel imports and a 10% tariff on aluminum. The EU responded with tariffs on $3.2 billion (€2.73 billion) of iconic US goods, including Bourbon whiskey, peanut butter, motorcycles and blue jeans. Donald Trump has threatened to impose a 25% tariff on imported vehicles using the justification of protecting US national security. This would affect almost $50 billion of European exports, with Germany hardest hit. The EU is drawing up a new list of US products to tax in retaliation.

Guenther Oettinger (the European Union's budget commissioner) stated that the EU could try to seek a wide reduction of tariffs in negotiations with the United States this year.